by TerranceBoyce
Fri May 23, 2014 8:53 pm
https://www.accountancylive.com/hmrc-arrests-suspected-tax-cyber-fraud-gang-dawn-raid?
It's common knowledge that the UK is one of the easiest countries for criminals to open fraudulent bank accounts and 'money launderers' have thousands of accounts set up to use for that purpose.
Whereas the authorities and banks may ignore the relatively small losses incurred by private individuals through these accounts, the potential for massive fraud by even an unsophisticated fraudster is massive. The possibility of being able to steal tens of millions of pounds will itself lead to financial systems attracting fraudsters to such an extent that systems will risk collapse.
23 May 2014
The group is suspected of using illegally obtained or bogus personal information in order to set up multiple fake HMRC self assessment accounts with the intention of stealing large tax rebates totalling tens of millions of pounds.
It's common knowledge that the UK is one of the easiest countries for criminals to open fraudulent bank accounts and 'money launderers' have thousands of accounts set up to use for that purpose.
Whereas the authorities and banks may ignore the relatively small losses incurred by private individuals through these accounts, the potential for massive fraud by even an unsophisticated fraudster is massive. The possibility of being able to steal tens of millions of pounds will itself lead to financial systems attracting fraudsters to such an extent that systems will risk collapse.
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